Swedish Algae Factory completed a $5.1M capital investment round.

Sweden Investments 17 March 2020
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Swedish Algae Factory, a Gothenburg, Sweden-based manufacturer of an alternative energy solution based on algae, announced securing a SEK 53M ($5.1M) capital investment round.

The money was provided by Swedish investors, including the Dutch Aqua-Spark and existing shareholder Chalmers Ventures.

Swedish Algae Factory, founded in 2014 based on research by professor Angela Wulff and led by CEO Sofie Allert, developed an alternative energy solution which extracts a unique nanoporous silica material from silica algae, a single cell microscopic type of algae. The material has exceptional light manipulating properties as well as the ability to absorb or release particles depending on the surrounding environment.

The company's technology is used for extracting silica algae which can be used, among other things, in the production of skin cosmetics, UV protection and to get more out of solar cells. Unlike many chemicals in the same applications, silica is more environmentally friendly. Production is circular; the algae cleans waste water, absorbs carbon dioxide and also creates a nutritious organic biomass that can be used for eg. fish feed or fertilizer.

Prior to this round, Swedish Algae Factory secured funding in 2017, from Chalmers, Almi Invest and KIC InnoEnergy, and in 2018, when it added Walerud Ventures as shareholders.